What are the responsibilities and job description for the Cash Reconciliation Specialist position at THIRD COAST BANK?
ROLE DESCRIPTION
The Cash Reconciliation Specialist (CRS) will support the Cash Manager with all associated tasks and will be responsible for posting cash, wires and ACH’s, invoice and documentation review, invoice confirmations, letter correspondence and customer/ debtor communication as necessary. Responsibilities also include department document organization, customer file creation. / review and the CRS will also maintain a friendly, firm, professional demeanor while providing competent risk management and timely customer service at all times.
KEY ACCOUNTABILITES
- Ensure documentation quality is upheld, and communication is maintained
- Ensure advance request and invoices are verified and compatible with policy
- Ensure portfolio and client targets are met for:
Posting Cash, wires and ACH’s
Hard Verification levels
Days Outstanding
Effective Advance Rate
Charge Back Levels
Over 90-day receivables
KEY RESPONSIBILITIES
- Receipt of all cash, ACH’s and wires ensuring the incoming funds is correctly posted to open invoices within the system and reconciling the daily receipts.
- Research and resolve all customer AR issues.
- Maintain the Cash Receipts journal.
- Updating and reconciling the department’s General Ledger Accounts, deposit accounts and loan.
- Contact clients to resolve payment issues.
- Settle bank accounts, posting and balancing financial data.
- Assist with month end processing and repost preparation.
- Complete a wide range of basic accounting tasks in accordance with standard procedures, including general accounting tasks.
- Identify and anticipate client facility issues and proactively propose solutions to Account Manager as appropriate for implementation.
- Participate in client review meetings as necessary, ensuring prepared for meetings with all reports and risk position of clients understood.
- Ensure any potential dilution to collateral (charge-backs, disputes, shortages, etc.) is managed, prepared for and reviewed with the Account Manager.
- Review policy and ensure it is understood and in how role is impacted.
-
Daily:
- Review incoming receipts against open invoices
- Support client funding process ensuring any advance and/or reserve release is in line with policy and any issues /concerns/future dilution has been addressed or disclosed to management.
- Escalate and engage Account Manager over any identified client issues or exceptions
- Make consistent and descriptive notes in respect of collection calls.
- On identification of potential/actual shortages, disputes, inability/unwillingness to pay or other problems with collectability of receivable to notify Account Manager as appropriate
- Follow up on any payment commitments from debtors.
- Prioritize receivables in light of debtor size, debtor performance, past issues, watch client/collect out client status, action points from client/portfolio reviews or as directed by Account Manager
- Ensure call volume is achieved and daily/weekly routines in place to reach operational targets.
- All other duties as defined.
KEY SKILLS
- Very detail orientated.
- Problem solving skill.
- Strong Communication skills.
- Commitment to customer service.
- Organizational skills essential.
- Experience in managing factoring client relationships including verification activity. especially calls, reserve management, risk identification, etc.
- Ability to work in a participative manner in a team environment.
- Ability to anticipate problem situations and propose solutions.
- Self-Starter.
- Work in a fast-moving team environment.
- Must be able to take ownership/Responsibility of work product.
